Re: [A-List] JP Morgan's *$23tn* derivative bust?

["Anne Williamson" <annewilliamson@xxxxxxx>]

Christian:

Try www.gata.org, www.goldensextant.com, www.goldeagle.com,
also punch in "James Turk" on google, and look for his discussion
site - not www.goldmoney.com, which is his business site unless
you are interested in pragmatic monetary use of gold for international
transactions in real time.  -A.

PS  www.lemetropolecafe.com also - you can get a 2-week courtesy trial
subscription, but then you must suscribe if you want to stay with it.

PPS  Morgan is betting on low interest rates - so they are "short" long
rates, their bet going in the opposite direction.  Volatility constantly
threatens
shorts, as they may have to "cover" their position to hold it - very tricky,
can suffer massive losses in a short period of time.  Even if your bet is
correct long term, a short move can wipe you out.  LTCM was crushed,
in part, this way in that long term their bets were good, but they were
caught in a short squeeze and couldn't cover.

----- Original Message -----
From: Christian Gregory <christian11@xxxxxxxxxxxxxx>
To: <a-list@xxxxxxxxxxxxxxxxxxx>
Sent: Saturday, December 22, 2001 7:08 PM
Subject: Re: [A-List] JP Morgan's *$23tn* derivative bust?


> >With a rigged gold market and a constantly strong dollar, J.P.  Morgan
> Chase built up a 23 trillion dollar derivative rate position that is ON
> THEIR BOOKS RIGHT NOW! That unfathomable mega-position is one that cannot
> tolerate interest rate and general market VOLATILITY as they are SHORT
> volatility.
>
> Does anyone have any idea of how you would short volatility? Would this
mean
> short selling fixed rate interest swaps?
>
> Also, if Henry or anyone else has article or book references for the gold
> market situation, I'd appreciate it.
>
> All best
> Christian
>
>
>
>
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